Non-life insurances - Iraq | Statista Market Forecast

The Non-life insurances market market in Iraq is projected to reach a market size (gross written premium) of US$2.30bn in 2024.
The average spending per capita in the Non-life insurances market market is expected to amount to US$49.48 in 2024.
The gross written premium is projected to show an annual growth rate (CAGR 2024-2029) of 2.38%, resulting in a market volume of US$2.59bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$2.5tn in 2024.
Despite challenges, the Non-life insurance market in Iraq is experiencing steady growth driven by increasing awareness and demand for insurance products.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Over the past few years, the Non-life insurance market in Iraq has been showing promising signs of development and growth. Customer preferences in the Non-life insurance market in Iraq are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly looking for policies that not only cover traditional risks like property damage and motor vehicle accidents but also offer protection against emerging threats such as cyber attacks and natural disasters. Trends in the market indicate a growing demand for Non-life insurance products in Iraq, driven by factors such as increasing awareness about the importance of insurance, rising disposable incomes, and a growing number of infrastructure projects in the country. As the economy continues to expand, businesses and individuals are recognizing the need for adequate insurance coverage to protect their assets and investments. Local special circumstances, such as the reconstruction efforts following years of conflict and instability, are also playing a significant role in shaping the Non-life insurance market in Iraq. The rebuilding of infrastructure and the revitalization of industries are creating new opportunities for insurers to offer specialized products tailored to the needs of businesses operating in post-conflict environments. Underlying macroeconomic factors, including stable economic growth, government initiatives to promote the insurance sector, and increasing foreign investment, are providing a favorable environment for the development of the Non-life insurance market in Iraq. As the country continues to rebuild and modernize its economy, the insurance industry is expected to play a crucial role in supporting sustainable development and mitigating risks for businesses and individuals alike.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.